Leasing equipment-ouch! Do you ever own it?
Many commercial property asset managers sign up to a 3 or 5 year lease to help spread the cost for installing new CCTV or Access control Security Equipment. This enables them to take the payments out of the service charge rather than an upfront cost. A good commercial decision.
However, unless you check first you can find out that you don’t own the equipment at the end of the lease! The result can be that you either have to keep on paying the lease, or have the equipment removed.
The issue is that the lease companies generally agree to transfer tittle of goods to the original installing company. If the installers are unscrupulous, they will hold onto tittle, and make you pay again, and again.
There is a way round this, it involves getting agreements up front with the leasing company. Knowing this problem, I have organsied for asset managers to be sure of the tittle of goods at the end of the lease, but it is best agreed up front. You can also rescue a situation but it involves negotiation and is easier if the original lease period has not expired.
Leasing is a good decision, but check the terms or get advice.
Could this have saved you time, money and frustration?
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